OPINION DENYING CONFIRMATION OF PLAN
LISA HILL FENNING, Bankruptcy Judge.
I. Introduction
The key issue in this bitter confirmation battle is whether, as a matter of law, a plan providing for current shareholders to retain an option to purchase new equity in the reorganized debtor violates the "absolute priority" rule under 11 U.S.C. Section 1129. To exercise that option, holders of old equity are required to contribute cash to fund the plan...
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